Brian Decker’s Blog
Making the decision to buy your first home is one of the most exciting choices of your life. Making a down payment on said house will be at the top of your priority list. The reason a down payment is so important—aside from the fact that it may be the deciding factor between you and other interested prospective buyers—is the fact that the size of your down payment will directly affect the monthly loan amounts you will be paying for the life of your mortgage. Some banks won’t even approve you for a homeowner’s loan if you have a down payment below a certain percentage of the home’s value.
Buying a house means making an investment. Most individuals will need to take out loans or a mortgage in order to cover the cost, but those don’t cover the down payment which is required in most cases to secure the property.
Are you considering whether to rent or buy a home? Both options have advantages and disadvantages. You decision will depend on your finances, long-term plans and the housing market.
Owning your own home is one of the most satisfying things you can do. The process is exciting and can be stressful so be prepared to go beyond your comfort zone. It will all be worth the effort in the end. You might have a vision in your mind about what type of home you want. Life is not perfect so you might not get what you want the first time around. A bit of hard work, sacrifice and smart planning and you could be the owner of a great home that is welcoming and something that you are proud of.
When purchasing a home there are going to be a number of factors that come into play. Location, as most have heard, is one such consideration. Of course, you want a property that is in a great location, a safe neighborhood and that features decent schools. Then there is the house itself. Is it the style you want? Does it have some or all of the amenities on your wishlist? Is it a good fit? Finally, there is the cost and consequent likelihood of getting approved for a mortgage.
Buying your first home can be an intimidating process. The good news is that by working with someone who understands the California mortgage process, such as Brain Decker Mortgage, you not only gain access to a variety of lenders willing to work with you, but you get guidance as you navigate your way through the programs available to first time homebuyers in California.
The CalHFA MyHome Assistance Program exists to provide financial support to homebuyers for up to 3.5% of the home value. It is classified as a second mortgage with a simple interest rate and deferred payment.
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